Trying to come up with a payment for overpriced car insurance can empty your savings and put the squeeze on your family's finances. Comparing rates annually is a smart way to make sure you're not throwing money away.

Sadly, the vast majority of drivers kept their policy with the same company for at least the last four years, and almost 40% of drivers have never compared rates with other companies. South Carolina insurance shoppers could save an average of $700 each year by just comparing rate quotes, but they don't invest the time required to save money by comparing rate quotes.

Big-name insurance companies like Allstate, Progressive and GEICO increase brand awareness with fancy advertisements and it is difficult to avoid their marketing magic and take the time to shop coverage around.

Consumers need to compare premium rates yearly because car insurance rates are adjusted regularly by insurance companies. Just because you had the best rate on car insurance six months ago you can probably find a better price now. You can find a lot of misleading information regarding car insurance on the internet, but in a few minutes you can learn a lot of great tips on how to lower your car insurance bill.

Take these nine policy discounts and save on car insurance

Some insurance providers don't always publicize the entire discount list in a way that's easy to find, so the following is a list of both the well known in addition to some of the lesser obvious discounts you could be receiving when you buy Florence auto insurance online. If you aren't receiving every discount you deserve, you're paying more than you need to.Discount car insurance

You should keep in mind that some of the credits will not apply to the overall cost of the policy. Some only apply to individual premiums such as liability, collision or medical payments. Even though the math looks like it's possible to get free car insurance, you won't be that lucky.

A few of the larger companies and some of the premium reductions they offer can be found below.

If you need lower rates, check with every insurance company how you can save money. Some discounts listed above may not be available in your area. If you would like to view providers with the best car insurance discounts in Florence, follow this link.

The quickest way to compare rate quotes utilizes the fact most larger insurance companies will pay a fee to give free rates quotes. The one thing you need to do is provide a little information like if you are currently licensed, marital status, what your job is, and if you lease or own. That information is automatically sent to many different companies and you get price estimates with very little delay.

To start a quote now, click here and find out if lower rates are available in Florence.

The companies shown below are ready to provide price quotes in South Carolina. If several companies are displayed, it's highly recommended you get rates from several of them to get the best price comparison.

Insurance Estimates for Popular Vehicles in Florence
Make, Model, and Trim Level Annual Policy Premium 6-month Policy Premium Monthly Premium
Chevrolet Colorado LT Crew Cab 2WD $884 $442 $74
Chevrolet Silverado Crew Cab Hybrid 2WD $1,370 $685 $114
Dodge Grand Caravan Hero $918 $459 $77
Dodge Ram Quad Cab ST 2WD $808 $404 $67
Ford Edge SEL AWD $1,298 $649 $108
Ford Escape Limited 2WD $1,054 $527 $88
Ford F-150 XLT Regular Cab 2WD $998 $499 $83
Ford Focus SES 4-Dr Sedan $986 $493 $82
Honda Accord LX 4-Dr Sedan $748 $374 $62
Honda CR-V EX-L 2WD $894 $447 $75
Honda Civic EX-L 4-Dr Sedan $1,538 $769 $128
Kia Optima EX $1,392 $696 $116
Nissan Altima 2.5 S 4-Dr Sedan $986 $493 $82
Nissan Rogue S 2WD $1,212 $606 $101
Toyota Camry SE $1,384 $692 $115
Toyota Corolla LE $986 $493 $82
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Data rating is based on single female driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and South Carolina minimum liability limits. Discounts applied include multi-policy, homeowner, claim-free, safe-driver, and multi-vehicle. Rates do not factor in Florence location which can increase or decrease auto insurance rates significantly.

Deductible comparison

When comparing car insurance rates, the most common question is how high should the physical damage deductibles be. The comparison tables below approximate how much more rates are between low and high insurance deductibles. The first rate comparisons uses a $250 deductible for physical damage and the second rate table uses a $500 deductible.

Toyota Corolla rates are for example purposes only. To get rates for your specific vehicle, click here.

Toyota Corolla insurance prices with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $264 $524 $342 $20 $102 $1,277 $106
Corolla S $264 $524 $342 $20 $102 $1,277 $106
Corolla XLE $264 $524 $342 $20 $102 $1,277 $106
Corolla XRS $298 $524 $342 $20 $102 $1,311 $109
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Toyota Corolla insurance prices with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Corolla LE $214 $422 $342 $20 $102 $1,100 $92
Corolla S $214 $422 $342 $20 $102 $1,100 $92
Corolla XLE $214 $422 $342 $20 $102 $1,100 $92
Corolla XRS $242 $422 $342 $20 $102 $1,128 $94
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Data variables include married male driver age 30, no speeding tickets, no at-fault accidents, and South Carolina minimum liability limits. Discounts applied include multi-policy, multi-vehicle, homeowner, safe-driver, and claim-free. Price information does not factor in vehicle garaging location which can revise coverage rates substantially.

Using the premium rates above, we can conclude that using a $250 deductible will cost you approximately $14 more each month or $168 for a full year than quoting the higher $500 deductible. Because you would pay $250 more to file a claim with a $500 deductible as compared to a $250 deductible, if you have at a minimum 18 months between claims, you would probably come out ahead if you elect the higher deductible.

Comparison of car insurance rates by gender and age in Florence

The diagram below illustrates the difference between auto insurance costs for male and female drivers in Florence. The premiums assume no violations or accidents, comprehensive and collision coverage, $1,000 deductibles, single marital status, and no policy discounts are applied on a Hyundai Sonata GLS.

Hyundai Sonata rates are for example purposes only. To get rate quotes for your specific vehicle, click here.

How much more does full coverage cost?

The illustration below illustrates the difference between Toyota Camry yearly insurance costs with full coverage compared to only the South Carolina minimum liability coverage. Data assumes no accidents, no driving violations, $1,000 deductibles, single male driver, and no discounts are applied.

Toyota Camry rates are for example purposes only. To get rates for your specific vehicle, click here.

When to buy liability coverage only

There is no written rule to eliminate comprehensive and collision coverage on your policy, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than around 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.

For example, let's say your Toyota Camry claim settlement value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $3,000 after the deductible is paid. If you are paying in excess of $300 a year for full coverage, then it's probably a good time to buy liability coverage only.

There are a few cases where removing full coverage is not financially feasible. If you haven't satisfied your loan, you must maintain physical damage coverage as part of the loan conditions. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not eliminate full coverage.

Car insurance quotes from local Florence insurance agencies

A small number of people just want to buy from a licensed agent and we recommend doing that One of the benefits of comparing rate quotes online is that you can obtain cheap rate quotes but still work with a licensed agent. Supporting local agencies is especially important in Florence.

Find insurance agent in FlorenceOnce you complete this simple form, your information is emailed to local insurance agents who will give you quotes to get your business. You won't even need to find an agent on your own due to the fact that quote results will go to you directly. You can find lower rates without the usual hassles of price shopping. If you wish to get a price quote for a specific company, feel free to navigate to their website and complete a quote there.

When looking for a reliable insurance agent, it's helpful to know the different types of agencies from which to choose. Agents are either independent agents or exclusive agents.

Independent Car Insurance Agencies

Agents that elect to be independent do not sell for just one brand so they have the ability to put coverage with lots of companies depending on which coverage is best. If prices rise, the business is moved internally and you don't have to switch agencies. When comparing car insurance prices, we highly recommend that you get rate quotes from independent agents to get the most accurate price comparison.

Exclusive Agencies

Agents that choose to be exclusive can only write with one company such as Allstate, AAA, Farmers Insurance, and State Farm. These agents are not able to compare other company's rates so they have to upsell other benefits. Exclusive agencies are usually well trained on their company's products which helps offset the inability to provide other markets.

Finding the right car insurance agent is decision based upon more than just a cheap quote. Agents should be asked these questions:

Car insurance 101

Understanding the coverages of your auto insurance policy aids in choosing the right coverages at the best deductibles and correct limits. The terms used in a policy can be ambiguous and nobody wants to actually read their policy. Shown next are typical coverages available from auto insurance companies.

Collision coverages - This coverage will pay to fix damage to your vehicle resulting from colliding with another vehicle or an object, but not an animal. You first must pay a deductible and the rest of the damage will be paid by collision coverage.

Collision can pay for things like colliding with another moving vehicle, damaging your car on a curb, crashing into a ditch, colliding with a tree and rolling your car. Collision is rather expensive coverage, so analyze the benefit of dropping coverage from lower value vehicles. It's also possible to bump up the deductible in order to get cheaper collision rates.

Liability - This coverage provides protection from damages or injuries you inflict on people or other property that is your fault. Coverage consists of three different limits, bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. Your policy might show policy limits of 25/50/25 that means you have a $25,000 limit per person for injuries, $50,000 for the entire accident, and property damage coverage for $25,000. Occasionally you may see a combined limit which combines the three limits into one amount without having the split limit caps.

Liability coverage protects against things like loss of income, legal defense fees and bail bonds. How much coverage you buy is a decision to put some thought into, but consider buying higher limits if possible. South Carolina state law requires minimum liability limits of 25/50/25 but drivers should carry more coverage.

Comprehensive (Other than Collision) - This coverage covers damage caused by mother nature, theft, vandalism and other events. A deductible will apply then your comprehensive coverage will pay.

Comprehensive insurance covers things such as vandalism, hitting a deer and hitting a bird. The highest amount you'll receive from a claim is the market value of your vehicle, so if your deductible is as high as the vehicle's value it's not worth carrying full coverage.

Medical expense insurance - Personal Injury Protection (PIP) and medical payments coverage pay for immediate expenses like prosthetic devices, surgery, hospital visits and chiropractic care. They are often used in conjunction with a health insurance plan or if you are not covered by health insurance. It covers all vehicle occupants in addition to getting struck while a pedestrian. Personal Injury Protection is not universally available but can be used in place of medical payments coverage

Protection from uninsured/underinsured drivers - This coverage protects you and your vehicle's occupants from other drivers when they either are underinsured or have no liability coverage at all. It can pay for injuries sustained by your vehicle's occupants as well as your vehicle's damage.

Since many South Carolina drivers only carry the minimum required liability limits (which is 25/50/25), it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family. Usually your uninsured/underinsured motorist coverages do not exceed the liability coverage limits.

Vehicle claim statistics

Are you driving a statistically high-claim vehicle? The following statistics outline the good and bad makes and models for the probability of having claims for each type of coverage.

Lowest and Highest Car Insurance Collision Claims by Vehicle
Lowest Overall Losses Highest Overall Losses
Ford F-250 SuperCab Maserati Ghibli
GMC Canyon BMW 6 Series
Nissan Xterra Audi RS7
Ford Edge Ferrari 458
Smart ForTwo Maserati Granturismo
Chevrolet Colorado BMW M6

Statistics from IIHS.org for 2013-2015 Model Years

Vehicles with the Lowest and Highest Bodily Injury Liability Claims
Lowest Overall Losses Highest Overall Losses
Chevrolet Corvette Chevrolet Impala
Fiat 500 Chrysler 200
Acura MDX Chevrolet Sonic
Subaru Outback Kia Optima
Volvo XC60 Mitsubishi Lancer
Audi A6 Kia Rio

Statistics from IIHS.org for 2013-2015 Model Years

Car Insurance Comprehensive Claims by Manufacturer Model
Lowest Overall Losses Highest Overall Losses
Chevy Spark BMW M6
Infiniti QX50 BMW M6
GMC Sierra 2500 Audi S7
Ford F-350 Maserati Granturismo
Nissan Leaf Bentley Continental GTC
Smart ForTwo Mercedes-Benz S Class

Statistics from IIHS.org for 2013-2015 Model Years

Medical Payment Claims by Vehicle
Lowest Overall Losses Highest Overall Losses
Land Rover Range Rover Sport Nissan Sentra
Chevrolet Corvette Chevrolet Spark
Chevrolet Silverado 3500 Chrysler 200
Audi A4 Allroad Hyundai Accent
Chevrolet Silverado 2500 Nissan Versa
Ford F-350 SuperCrew Kia Forte

Statistics from IIHS.org for 2013-2015 Model Years

Compare but don't skimp

We've covered some good ideas how you can shop for insurance online. The most important thing to understand is the more rate comparisons you have, the higher the chance of saving money. Consumers could even find that the lowest prices are with a lesser-known regional company. These companies often have lower rates on specific markets compared to the large companies like Progressive or GEICO.

When shopping online for insurance, never buy lower coverage limits just to save a few bucks. Too many times, drivers have reduced comprehensive coverage or liability limits only to regret that a couple dollars of savings turned into a financial nightmare. The ultimate goal is to buy a smart amount of coverage at the lowest possible cost and still be able to protect your assets.

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